Soft market not deterring Borealis’s 3Q net profit

In a press release, Borealis a leading provider of polyolefins, base chemicals and fertilisers, recorded a net profit of EUR131 million for the third quarter of 2013 – an improvement to EUR 129 million in the same quarter in 2012. The 3Q figure was also slightly higher than the second quarter , which was driven by continued good results in Base Chemicals and an improved result for Polyolefins despite a continuing soft market, says Borealis.

It says that operational challenges and weakening market environment encountered by the company weighed down on its fertiliser business, and thus delivering a lower result in the third quarter.

In October, Borealis divests its proprietary Melamine high pressure process technology and its newly developed super high pressure process technology and all related intellectual property rights to Urea Casale SA, Switzerland. Borealis produces Melamine at two sites in Linz, Austria and Piesteritz, Germany. These sites will be not affected by the sale.

Meanwhile, Borouge, Borealis’s joint venture in Abu Dhabi continued to perform well during the quarter, with the expansion of its plant, which is expected to start-up in 2014. Moreover, Borouge achieved Responsible Care 14001 certification for its entire global operations.

The firm has also recently appointed Martijn van Koten as Executive Vice President Operations, focusing on Middle East and Asia activities, and hence, succeeding Herbert Willerth who will shift, as Deputy CEO.


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